You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Reply #103: There's 'Depression' as you use the term and then there is 'Depression' [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
coalition_unwilling Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-05-11 01:20 PM
Response to Reply #57
103. There's 'Depression' as you use the term and then there is 'Depression'
as economists generally use the term. The latter is marked by a shrinkage in GDP of 10% or more or by a recession that lasts two or more years.

Ah, but there's the rub, because a 'recession' as economists use the term is defined as any two successive quarters of shrinking GDP, no matter how small each quarter's shrinkage is. So to have a recession that lasts two years? What exactly does that mean? For example, would a recession that lasted two years mean you would need to have 8 successive quarters where GDP shrank? No one can say for sure.

What one can say is that, were it not for New Deal and Great Society safety net programs like unemployment, SS, Medicare and food security, the severe economic downturn of the past two years would have become a Depression, even using the strict definition employed by economists.



Printer Friendly | Permalink |  | Top
 

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC